SYNQA, parent company of Omise and OMG Network, raises $80 Million in Series C

Thailand-based fintech company SYNQA (formerly Omise Holdings), the parent company of the L2 scaling solution OMG network, closed an $80 million round led by SC10X, the venture capital arm of Thailand’s Siam Commercial Bank and SPARX Group co with participation from Toyota Financial Services Corporation, Sumitomo Mitsui Banking Corporation, SMBC Venture Capital, and others. The funding will be used to help the company enhance its enterprise solutions and products geared towards digital payments.

Why it matters

• Asia is continuing to become a cashless society, a trend accelerated by COID-19. As a payments platform, SYNQA hopes to capitalize on this by providing payment gateway infrastructure.
• OMG Network recently launched its v1 Mainnet Beta to help Ethereum scale to thousands of transactions per second. This should help bring wider use payment platforms onto the open infrastructure of Ethereum without leading to congestion issues that have plagued the public blockchain in the past.